ANZ SMART CHOICE SUPER FOR EMPLOYERS AND THEIR EMPLOYEES ONEPATH LIFE LIMITED WATPAC SUPERANNUATION PLAN

Transcription

1 ANZ SMART CHOICE SUPER FOR EMPLOYERS AND THEIR EMPLOYEES ONEPATH LIFE LIMITED WATPAC SUPERANNUATION PLAN INSURANCE GUIDE ISSUED 17 MARCH 2018 DEATH AND TOTAL AND PERMANENT DISABLEMENT COVER INCOME PROTECTION COVER

2 ANZ SMART CHOICE SUPER ENTITY DETAILS IN THIS INSURANCE GUIDE Name of legal entity Registered numbers Abbreviated terms used throughout this Insurance Guide OnePath MasterFund ABN RSE R Fund OnePath Custodians Pty Limited ABN AFSL RSE L OnePath Custodians, Trustee, us, we, our OnePath Life Limited ABN AFSL Insurer Australia and New Zealand Banking Group Limited ABN AFSL Watpac Limited ABN Employer Watpac Superannuation Plan ANZ Employer Plan CONTENTS Important information 3 Insurance in ANZ Smart Choice Super 4 What type and amount of cover is available? 4 When are you eligible for cover? 4 What is Default Cover? 4 What is Voluntary Cover? 5 When does cover commence? 5 What are the Benefits? 5 When we won t pay Benefits 6 Who is a Benefit paid to? 6 What are the costs of insurance? 7 When does your cover cease? 7 What happens when you leave your Employer? 7 Additional features 8 How to make a claim 8 The Trustee s Duty of Disclosure 8 Insurance risks 9 Appendix 10 Definitions 24 Insurance Fee Schedule 26

3 IMPORTANT INFORMATION This version of the Insurance Guide ( Guide ) must be read together with the ANZ Smart Choice Super for employers and their employees Product Disclosure Statement ( ANZ Smart Choice Super PDS ) dated 17 March When an employer joins ANZ Smart Choice Super for employers and their employees ( ANZ Smart Choice Super ), nominated employees become members of the Fund. OnePath Custodians is the Trustee of the Fund and the issuer of this Guide. This Guide is issued for the information of new members joining the Employer Plan on or after the issue date of this Guide. Other members should refer to the insurance guide they received on joining the Employer Plan because the information in this Guide might not be accurate for them. The Trustee is a wholly owned subsidiary of ANZ. ANZ is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). Although the Trustee is owned by ANZ, the Trustee is not a Bank. Except as described in the ANZ Smart Choice Super PDS, an investment in ANZ Smart Choice Super is not a deposit or other liability of ANZ or its related group companies and none of them stands behind or guarantees the Trustee or the capital or performance of the investment. An investment in ANZ Smart Choice Super is subject to investment risk, including possible repayment delays and loss of income and principal invested. The factual information and advice provided in this Guide is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. You should obtain financial advice tailored to your personal circumstances. Before acting on the information or advice, you should consider whether it is appropriate for you, having regard to your objectives, financial situation and needs. You should obtain a copy of the ANZ Smart Choice Super PDS before making any decision about whether to acquire, or to continue to hold, the superannuation product. You can obtain a copy of the PDS by contacting Customer Services on The Fund is governed by a trust deed (Trust Deed). Together with superannuation law, the Fund s Trust Deed sets out the rules and procedures under which the Fund operates and the Trustee s duties and obligations. If there is any inconsistency between the Trust Deed and the PDS or this Guide, the terms of the Trust Deed prevail. A copy of the Trust Deed is available from us free of charge. The Trustee invests all contributions in a master life policy issued by OnePath Life Limited (OnePath Life) which then invests in selected investment funds. The master life policy is governed by the Life Insurance Act 1995 (Cth) and is a contract between the Trustee and OnePath Life. OnePath Life is required to conduct its business in accordance with the law and give priority to the interests of policy holders, hold the assets it receives from the Trustee in statutory funds separate from its own assets and comply with the prescribed capital and solvency standards. If an employer has selected insurance cover as part of ANZ Smart Choice Super, the insurance cover is provided by OnePath Life or another insurer approved by the Trustee. In the case of this Guide, cover is provided by OnePath Life Limited (the Insurer) under group policies issued to the Trustee. In respect of such policies, the Trustee reserves the right to change insurer, or vary the benefits or Insurance fee rates from time to time. A separate policy for Death and Total and Permanent Disablement (TPD) and Income Protection arrangements applies and each will be referenced as Policy throughout this guide. Where the Insurer imposes loadings or exclusions as a result of the member s health, pastimes or other individual circumstances, the Insurer will write to the Trustee and provide specific details relating to the member s cover. The Trustee will advise the member where this occurs. The Trustee is responsible for the contents of this Guide. The ANZ Smart Choice Super PDS is comprised of the following documents: ANZ Smart Choice Super for employers and their employees Product Disclosure Statement dated 17 March 2018; ANZ Smart Choice Super for employers and their employees Additional Information Guide dated 17 March 2018; Fees Guide dated 17 March 2018; ANZ Smart Choice Super for employers and their employees Insurance Guide(s) dated 17 March 2018; and in respect of members of the Watpac Superannuation Plan, the following: ANZ Smart Choice Super for employers and their employees OnePath Life Limited Watpac Superannuation Plan Insurance Guide dated 17 March 2018 ( this Guide ). The information in this Guide forms part of the ANZ Smart Choice Super PDS dated 17 March The purpose of this Guide is to give you more information and/or specific terms and conditions referred to in the PDS. You should consider all that information before making a decision about ANZ Smart Choice Super. If you invest in ANZ Smart Choice Super, you can access a copy of the PDS, the Additional Information Guide and any matter that is applied, adopted or incorporated in the PDS from our website at anz.com/smartchoicesuper To the extent that you are provided with cover as set out in this Guide, these terms and conditions will prevail over those set out in the ANZ Smart Choice Super for employers and their employees Insurance Guide(s) dated 17 March This Guide, the link to which was included in your Welcome Letter, contains all the information about the insurance applicable to your Employer Plan. You may also request a copy of all information (including this Guide) free of charge by contacting Customer Services. Trustee contact details OnePath Custodians Pty Limited ABN AFSL RSE L Pitt Street Sydney NSW 2000 GPO Box 5107 Sydney NSW 2001 Phone corporatesuper@anz.com Website anz.com/smartchoicesuper 3

4 INSURANCE IN ANZ SMART CHOICE SUPER This Guide has been prepared to provide general information about the insurance your Employer has arranged with the Trustee on behalf of employees who are members of your Employer Plan. It explains the terms and conditions of the insurance policy (Policy) the Trustee has entered into with the Insurer for those members of your Employer Plan who are insured. This Guide summarises the insurance arrangements for your Employer Plan and is specific to this Employer Plan. If you are not part of this Employer Plan then please contact Customer Services to obtain the relevant and appropriate insurance guide for your arrangement. Each Policy, Policy Schedule and endorsements to the Policy form the complete terms and conditions between the Insurer and the Trustee. This Guide sets out the main terms of the Policy covering your Employer Plan within ANZ Smart Choice Super. This Guide is not a legally binding contract of insurance with the Insurer. Insurance cover is subject to eligibility, acceptance and other terms and conditions of the Policy. In the event of any inconsistency between the terms and conditions of the Policy and this Guide, the Policy terms and conditions will prevail. The Trustee may change the Insurer and/or terms (including rates for Insurance fees or premium) of the insurance cover at any time with appropriate notice. Details of the type of insurance cover and the value of cover in place for you will be shown on your Welcome Letter and subsequent Annual Statements each year. If you have not received a Welcome Letter, please contact Customer Services on To view, manage and consolidate your super, simply register for ANZ Internet Banking or the ANZ App, by calling Customer Services on or visiting an ANZ branch. If you are an existing ANZ Internet Banking customer, call Customer Services to link your accounts. Any material alteration to the terms and conditions outlined in this Guide will be advised in writing. When reading this Guide, some expressions (shown capitalised and bold when first used) have special meaning. The meaning is either explained in context or in the Definitions or Appendix sections to this Guide. WHAT TYPE AND AMOUNT OF COVER IS AVAILABLE? Your Employer can select: Death only cover Death and Total and Permanent Disablement (TPD) cover; and/or Income Protection (IP) cover (if applicable) for your Employer Plan. Your Employer may also choose an amount of Default cover to apply to your Employer Plan. The type of cover, and the amount of Default cover, your Employer has selected for your Employer Plan is set out in the Appendix. The particular benefits arranged for you will be specified in the Welcome Letter sent to you. Benefits described in this Guide that are not listed in your Welcome Letter may not be available to you. You may also be eligible to apply for additional cover or cover that differs from the Default cover applicable to your Employer Plan. This is Voluntary cover. Please refer to the What is Default cover? and What is Voluntary cover? sections of this Guide for further details. Generally, if you are a member who is eligible for insurance, you will be covered 24 hours a day, 365 days a year, worldwide. The Appendix will specify whether there are any restrictions on cover while you are overseas. WHEN ARE YOU ELIGIBLE FOR COVER? To be eligible for the insurance cover established for your Employer Plan, you will generally be required to meet pre-determined eligibility criteria. These criteria, which are set out in the Policy, may include the following items: Your age; Occupation; Employment status; Residency status; and/or Hours of work. For the specific eligibility criteria that applies to your Employer Plan, refer to the Appendix. WHAT IS DEFAULT COVER? Your Employer may have chosen Default cover for your Employer Plan. Default cover is cover that is provided automatically to eligible members, without the member being required to provide any evidence of health. If you are eligible, the level of Default cover you receive will be determined by the Benefit Design for your Employer Plan, which is set out in the Appendix. 4

5 Default cover will be provided up to a maximum amount, called the Automatic Acceptance Limit (AAL). The Insurer may have the right to vary or remove the AAL. Refer to the Appendix for further details about the AAL. Depending on the Benefit Design for your Employer Plan, your Sum Insured may also automatically increase or decrease. Any automatic increase in the Sum Insured will be limited to that allowed under the AAL. Note: If the Benefit Design uses your Salary to calculate a benefit, your Employer must notify us of all Salary changes as they occur. If we are not notified of a change in salary, and no additional Insurance fee has been paid, in the event of a claim the Insurer may pay a lower benefit based on the Salary previously advised, or the Salary at the last Review Date. If you are not eligible to obtain Default cover, or you have Default cover, but want a greater amount of cover (including an amount above the AAL), you must apply to the Insurer by submitting an application for Voluntary cover. For further information see What is Voluntary cover? below. WHAT IS VOLUNTARY COVER? Depending on the Benefit Design your Employer has chosen, if you are not eligible for Default cover, you may be able to apply for: Death only cover; Death and TPD cover; and/or Income Protection (IP) cover (if applicable). The Appendix sets out the types of cover you can apply for and any eligibility criteria you must meet to be able to apply for cover. You cannot apply for TPD cover without Death cover. You can also apply to increase your existing Sum Insured, up to the Maximum Benefit Level. The Appendix sets out the Maximum Benefit Level that applies to your Employer Plan. A different Maximum Benefit Level may apply to the different types of cover available. You can apply to increase the Sum Insured of your Death cover only or TPD cover only, or the Sum Insured for both your Death and TPD cover. However, you cannot apply to increase the Sum Insured of your TPD cover above that of your Death cover. All applications for Voluntary cover will be subject to the Insurer s acceptance, following the provision of medical evidence as required by the Insurer. The Insurer reserves the right to offer modified acceptance terms or decline applications for Voluntary cover for any reason. If the Insurer accepts the Voluntary cover, they may provide written acceptance to a Forward Underwriting Limit. If this is available for your Employer Plan, further details will be provided in the Appendix. To apply for Voluntary cover, please contact Customer Services on You may be contacted by us for additional evidence or further information. While your application is being considered by the Insurer, you may be eligible for Interim Accident cover (if applicable). Refer to the Appendix for more information. WHEN DOES COVER COMMENCE? The commencement date of your cover depends on whether it is Default cover or Voluntary cover. DEFAULT COVER The commencement date of Default cover is determined by the terms and conditions applicable to your Employer Plan. In some cases this will also be determined by the category established for you by your Employer. Refer to the Appendix for more information. VOLUNTARY COVER Cover commences on the date the Insurer approves your application provided there are sufficient funds in your account to pay for the Insurance fees. We will send a letter to you confirming your cover and the date that your cover commenced. REDUCING OR CANCELLING YOUR COVER You can reduce the amount of your cover, or cancel your cover, at any time by contacting Customer Services on You cannot reduce your Death Sum Insured to an amount below your TPD Sum Insured. If you reduce or cancel your cover (including Default cover), your cover may not be automatically increased or reinstated if you wish to do so at a later time. You must apply for any increase in cover. If you cancel your cover within the first 30 days of its commencement, some or all of the premiums in respect of any cancelled cover may be refunded to your superannuation account in some circumstances. For more information, call Customer Services. WHAT ARE THE BENEFITS? DEATH BENEFIT AND TERMINAL ILLNESS BENEFIT Subject to any restrictions that apply to your cover, your lump sum Death Benefit will be paid if you die while your Death cover is in force. The amount of your Death Benefit will be your Sum Insured for Death cover on the date of death plus your Superannuation Account Balance. You can claim a lump sum Terminal Illness Benefit (if available) if you become Terminally Ill while your Death cover is in force. The Appendix sets out the definition of Terminally Ill. Note: If you have insurance within your super, it is important to understand the terms and conditions as you may not be able to claim a Terminal Illness benefit until your life expectancy is limited to 12 months. If you withdraw your super balance when your life expectancy is 24 months, you may wish to consider maintaining some money in your super account to keep the account open and to ensure a sufficient balance to pay any insurance fees. Withdrawing your full balance could result in the loss of valuable insurance cover. 5

6 You must meet the Insurer s claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Terminal Illness before the insured benefit will be paid. Other restrictions may also apply to your Employer Plan. Refer to the Appendix for more information. TOTAL AND PERMANENT DISABLEMENT (TPD) BENEFIT You can claim a lump sum TPD Benefit if you become Totally and Permanently Disabled while your TPD cover is in force. The Appendix sets out the definition of Total and Permanent Disablement applicable to your Employer Plan, and in some cases to your particular category. You must meet the Insurer s claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Total and Permanent Disablement before the insured benefit will be paid. Other restrictions may also apply to your Employer Plan. Refer to the Appendix for more information. AMOUNT OF DEATH BENEFIT AND TPD BENEFIT The Sum Insured for each type of cover you have cannot exceed the Maximum Benefit Level for that type of cover, as set out in the Appendix. Generally, payment of a Terminal Illness Benefit will reduce the Sum Insured of your Death cover. If your Sum Insured for Terminal Illness cover and Death cover are the same amount, your Death cover will cease. Refer to the Appendix for more information. Payment of a TPD Benefit will also reduce the Sum Insured of your Death cover. If your Sum Insured for TPD cover and Death cover are the same amount, your Death cover will cease. The Sum Insured for your TPD cover cannot exceed the Sum Insured for your Death cover. TPD tapering may apply to your TPD cover. TPD tapering is the gradual reduction of the amount of TPD cover to zero, generally in the final five years before reaching age 65 or the Benefit Expiry Age. If TPD tapering applies to you, more information on this can be found in the Appendix. INCOME PROTECTION (IP) BENEFIT (IF APPLICABLE) IP cover is designed to provide you with a monthly amount while you are Totally Disabled or Partially Disabled, to assist you to meet your day-to-day living expenses during your recovery period, giving you time to focus on your health and recovery. You can claim the monthly Total Disability Benefit if you are Totally Disabled for longer than the Waiting Period, while your IP cover is in force. You can claim the monthly Partial Disability Benefit if you are Partially Disabled while your IP cover is in force. If your Employer has selected IP cover for your Employer Plan, the Appendix sets out the definition of Partial Disability and/or Total Disability that applies to your Employer Plan. You must meet the Insurer s claim requirements and satisfy the Insurer on medical and other evidence that you meet the definition of Total Disability or Partial Disability before the insured benefit is paid. The Insurer may also have ongoing claim requirements. If your Employer has selected IP cover to apply to your Employer Plan, the Appendix will set out: how the monthly amount of your Total Disability Benefit and Partial Disability Benefit will be calculated; the period of time during which the Insurer will pay a Total Disability Benefit or Partial Disability Benefit. This is known as the benefit period; the Waiting Period. The monthly benefit starts to accrue from the day after the end of the Waiting Period; and any other terms that apply. WHEN WE WON T PAY BENEFITS The Insurer won t pay benefits in certain circumstances. These circumstances are set out in the Appendix. It is important that you be aware of when a benefit will not be paid. PRE-EXISTING CONDITIONS In some circumstances you will not be covered for Pre-existing Conditions that existed when your cover commenced. If this applies to your Employer Plan, further information will be provided in the Appendix. WHO IS A BENEFIT PAID TO? The insurance cover is provided by the Insurer through policies of insurance issued to the Trustee and cover is offered to eligible members of ANZ Smart Choice Super. Where the Insurer admits your claim, the insurance benefit is paid to the Trustee and the Trustee will allocate the benefit to your superannuation account. If you have met a condition of release under superannuation law, these monies will be available to you for withdrawal or dealt with in accordance with the Fund s Trust Deed. You are unable to close your account whilst you are in receipt of a claim for income protection. If the Insurer rejects, reduces or defers a claim, the Trustee may reduce the benefit payable to take into account the Insurer s refusal, reduction or deferral. However, after the Trustee has reviewed all relevant medical reports and documents that the Insurer relied upon to make its decision, if the Trustee is of the view that the claim has a reasonable prospect of success, the Trustee will do everything that is reasonable to pursue the matter on the member s behalf. For more information on conditions of release, refer to the Additional Information Guide, which forms a part of the ANZ Smart Choice Super for employers and their employees PDS. 6

7 WHAT ARE THE COSTS OF INSURANCE? INSURANCE FEES The Insurance fees applicable to your Employer Plan are set out in the Appendix. The Insurance fee that applies to you may depend on a variety of factors, including but not limited to: the type and level of cover; your age and gender; your Salary; any relevant rating factors applicable to your Employer Plan; and/or your health and pastimes. PAYMENT OF INSURANCE FEES Insurance fees are calculated daily and deducted monthly in advance from your account balance. If you have insufficient funds in your account to cover the Insurance fee, you will be advised in writing. You will be given 30 days to contribute the required funds to your account before your cover may be cancelled. Your Employer may agree to pay your Insurance fees on your behalf, by way of an Employer additional contribution to reimburse for the Insurance fees deducted from your account. Your Employer may also cancel such an arrangement at any time. Under these conditions, including if you leave your Employer, you may be liable to pay the Insurance fee, including any unpaid fees owing. If your Employer agrees to pay Insurance fees for your Default cover, and you wish to cancel or opt out of such cover, you should co-ordinate this with your Employer. Exceptions apply for insurance only members, such that the deduction of Insurance fees will await the employer s additional contributions and the employer may not withdraw their consent to incur fees in respect of such arrangements, except with our approval. Aside from the arrangements for insurance only members, your Employer s arrangement with us to incur the cost of any fees is voluntary and consent for such arrangement may be withdrawn at any time. If this is the case, you will receive 30 days prior notification. We will let you know of the options available to you. If your Employer terminates its Employer Plan in ANZ Smart Choice Super, your insurance cover any default and voluntary amounts, will cease and your account will no longer be linked to your Employer. This is to avoid you having duplicate Default cover established and incurring multiple Insurance fees. You will receive notification prior to this occurring. The actual Insurance fee payable for your cover will be advised in the Welcome Letter provided upon joining ANZ Smart Choice Super, and then for each subsequent year in the Annual Statement issued as at 30 June. If your Employer pays your Insurance fees, and you wish to cancel your insurance, you will need to make this request through your Employer. Further details on your Insurance fees are detailed in the Appendix. INSURANCE FEE WAIVER In some cases the Insurer may waive the payment of Insurance fees for IP cover (where applicable) for you which fall due while you are receiving a benefit. If this applies to your Employer Plan, further information will be provided in the Appendix. TAX AND STAMP DUTY IMPLICATIONS Where a tax deduction is available under the applicable laws in respect to the Insurance fee, the benefit of that deduction will be passed on to you, provided that the Fund has received the benefit of that deduction and you remain a member of the Fund at the time the Benefit is credited to your account. Benefit payments under Income Protection cover is generally considered to be income replacement, and is treated as assessable income. Therefore, the applicable Pay As You Go (PAYG) tax will be deducted before any payment is made to you. Any applicable stamp duty is included in the Insurance fee rates that apply to the Trustee. This information is a guide only, and is not tax advice. We recommend that you seek professional tax advice specific to your individual circumstances from an independent tax adviser or registered tax agent. WHEN DOES YOUR COVER CEASE? Your cover will end on the earliest of: the date you meet any of the criteria specified in When your cover ceases in the Appendix; or the date the Policy ends for any of the reasons outlined in the Policy; or the date you die. It is very important that you be aware of the dates your cover will end, as your cover will end without you being notified by either the Trustee or the Insurer. WHAT HAPPENS WHEN YOU LEAVE YOUR EMPLOYER? On termination of employment with your Employer, your superannuation account in ANZ Smart Choice Super will continue. However, your insurance cover under your Employer Plan will cease from the date you leave the service of your Employer and Insurance fees will no longer be deducted. You have two options as outlined below, for insurance cover: 1. You may be able to take up personal insurance cover with the Employer Plan s Insurer through a Continuation Option. You may need to do so within a prescribed time frame from the cessation of your employment, generally this is within 60 days of leaving the service of your Employer. Refer to the Appendix for further information in relation to the Continuation Option. 7

8 2. You may apply for insurance cover through OneCare Super. OneCare Super is issued by the Trustee as the Trustee of the Fund and offers Life and/or TPD cover, Income Secure cover and Extra Care cover. Premiums are payable for cover provided through OneCare Super. You can apply for this cover by following the instructions in the OneCare Super PDS. For full terms and conditions about OneCare Super, refer to the OneCare Super PDS which is available at onepath.com.au > Insurance > Life Insurance > OneCare Life Cover, from your financial planner or by contacting Customer Services. You should consider the OneCare Super PDS in deciding whether to acquire, or continue to hold, OneCare Super. Underwriting criteria applies. OnePath Life Limited is also the Insurer for OneCare Super. ADDITIONAL FEATURES If your Employer has selected additional features for your Employer Plan, these will be detailed in an Additional features section of the Appendix. You should be aware that in order to access some of these features, a time period within which to apply may be applicable. HOW TO MAKE A CLAIM In the event of a claim, the process has been made as easy as possible. For more information about making a claim: contact Customer Services on Customer Services at corporatesuper@anz.com visit the ANZ website at anz.com/smartchoicesuper The Insurer requires you, your Employer or us to notify them in writing of any claim within the time limit specified in the Policy. Please refer to the Appendix for further details. If the Insurer does not receive notice in writing within the required time, the Insurer may reduce or refuse to pay the benefit to the extent its assessment of the claim is prejudiced. The Insurer will generally send us or your Employer claim forms as soon as reasonably possible after receiving notice of a claim. The sending of claim forms does not constitute an admission of liability in respect of any claim lodged. Claim forms must be completed as soon as it is reasonably practicable for you to do so. The Insurer generally asks for medical information and evidence to enable the claim to be assessed. If a claim is lodged, you may be required to be interviewed and attend medical and vocational assessments and rehabilitation. You, your Employer and we are also required to provide the Insurer with all information required in order to determine your eligibility for benefits. If you are residing or travelling overseas, in the event of a claim the Insurer may require you to return to Australia for medical treatment and assessment. The Insurer will not pay any costs relating to your return to Australia. Once we receive the proceeds from the Insurer these will be held in the superannuation environment, in the ANZ Smart Choice Cash investment option. If you would like to switch this amount to another investment option you can do so online via ANZ Internet Banking or by calling Customer Services. Upon meeting a condition of release, you will receive the benefit amount, adjusted positively or negatively, for investment earnings. THE TRUSTEE S DUTY OF DISCLOSURE The Trustee who enters into a life insurance contract in respect of your life has a duty, before entering into the contract, to tell the Insurer anything that they know, or could reasonably be expected to know, may affect the Insurer s decision to provide the insurance and on what terms. The Trustee has this duty until the Insurer agrees to provide the insurance. The Trustee has the same duty before they extend, vary or reinstate the contract. The Trustee does not need to tell the Insurer anything that: reduces the risk the Insurer insures you for; or is of common knowledge; or the Insurer knows or should know as an Insurer; or the Insurer waives your duty to tell the Insurer about. YOU MUST DISCLOSE RELEVANT INFORMATION You must tell the Insurer anything you know, or could reasonably be expected to know, that may affect the Insurer s decision to provide the insurance and on what terms. If you do not do so, this may be treated as a failure by the Trustee to tell the Insurer something that the Trustee must tell the Insurer. If you provide relevant information to the Trustee rather than the Insurer, the Trustee will provide the information you give the Trustee to the Insurer. The Trustee will do this so that you comply with your obligation to provide relevant information to the Insurer. IF THE TRUSTEE DOES NOT TELL THE INSURER SOMETHING In exercising the following rights, the Insurer may consider whether different types of cover can constitute separate contracts of life insurance. If they do, the Insurer may apply the following rights separately to each type of cover. If the Trustee does not tell the Insurer anything the Trustee is required to, and the Insurer would not have provided the insurance or entered into the same contract with the Trustee if the Trustee had told the Insurer, the Insurer may avoid the contract within three years of entering into it. If the Insurer chooses not to avoid the contract, the Insurer may, at any time, reduce the amount of insurance provided. This would be worked out using a formula that takes into account the premium that would have been payable if the Trustee had told the Insurer everything it should have. However, if the contract provides cover on death, the Insurer may only exercise this right within three years of entering into the contract. If the Insurer chooses not to avoid the contract or reduce the amount of insurance provided, the Insurer may, at any time 8

9 vary the contract in a way that places the Insurer in the same position it would have been in if the Trustee had told the Insurer everything it should have. However this right does not apply if the contract provides cover on death. If the failure to tell the Insurer is fraudulent, the Insurer may refuse to pay a claim and treat the contract as if it never existed. INSURANCE RISKS As your Employer has included insurance as part of its superannuation arrangements, under ANZ Smart Choice Super, there are a number of insurance risks you should be aware of: if the Insurance fees are not paid to the Insurer within the time limits under the Policy, the Insurer may cancel or terminate the insurance cover by written notice to the Trustee without notice to you; your insurance cover will not automatically continue when you leave your Employer; if you are transferred to another super fund, an Eligible Rollover Fund (ERF) or to the Australian Taxation Office (ATO) as lost or unclaimed monies your cover will cease (see the Additional Information Guide for more details); the amount or type of insurance cover selected by your Employer may not be sufficient to provide adequate insurance cover in the event of injury or illness; your Insurance fee or benefit may be adjusted if your age is mis-stated; if your benefit is calculated using your Salary while you are in the Employer Plan, we are reliant upon your Employer s notification of any Salary changes. Where we are not notified of a change in Salary and no additional Insurance fee is paid, in the event of a claim, the Insurer may pay a lower benefit based on the Salary that was previously advised or Salary at the last Review Date; and if you or your Employer do not disclose to the Insurer every matter that they know or could reasonably be expected to know, that would be relevant to the Insurer s decision whether to accept the risk of the insurance and if so, on what terms, the Insurer may avoid the contract within three years of entering into it. If you or your Employer s nondisclosure is fraudulent, the Insurer may avoid the contract at any time. Refer to The Trustee s Duty of Disclosure section within this Guide for more details. You should check your insurance cover with your Employer to ensure your insurance accurately reflects your current employment details. 9

10 APPENDIX This Appendix forms part of the Guide dated 17 March 2018 for Watpac Superannuation Plan. Category descriptions Type of cover available What is the Maximum Benefit Level? What is the Benefit Expiry Age? Default cover Benefit Design Categories 1 to 3 Executive Management Categories 4 to 6 Senior Management Categories 7 to 9 Salaried Staff. Death cover (including Terminal Illness) Death cover (including Terminal Illness) and Total and Permanent Disablement (TPD) cover Income Protection (IP) cover. An Insured Member can apply to increase their sum insured up to the Maximum Benefit Level. The Maximum Benefit Levels applying are: Death Benefit: unlimited (subject to financial justification) TPD Benefit: $5 million IP Benefit: $60,000 per month for the first two years, then $30,000 per month thereafter. Death Benefit: age 70 Total and Permanent Disablement Benefit: age 70 Income Protection Benefit: age 65. Death cover: Category 1, 4 and 7: 3 annual Salary Category 2, 5 and 8: 5 annual Salary Category 3, 6 and 9: 7 annual Salary. Terminal Illness Benefit: Categories 1 to 9, the lesser of the calculated Death Benefit (refer above) and $2.5 milllion. Refer to page 12 for more information. Total and Permanent Disablement cover: Category 1, 4 and 7: 3 annual Salary Category 2, 5 and 8: 5 annual Salary Category 3, 6 and 9: 7 annual Salary. If an Insured Member of Category 1, 4, or 7 elects to increase their insurance multiple to either 5x or 7x annual Salary (refer above), the increase in Default cover is subject to underwriting. Underwriting means that the Insured Member needs to apply to the Insurer for the increased cover and provide medical evidence (unless the Insurer has agreed to waiver this requirement). If accepted by the Insurer, the Insured Member will be changed to the applicable category. Income Protection cover (categories 1, 2, 3, 4, 5, 6, 7, 8 and 9) monthly benefit: 1/12 of 75% of the Insured Member s Salary for the first $480,000 of Salary ($30,000 per month); plus 1/12 of 50% of the next $360,000 of Salary payable for a maximum of 2 years ($15,000 per month); plus 1/12 of 20% of the next $900,000 of Salary payable for a maximum of 2 years ($15,000 per month). 10

11 Eligibility for Default cover Death and TPD cover: To be eligible for Death and TPD insurance cover, a person must: be a permanent employee of the Employer or an associated company that are participating members of the Watpac Superannuation Plan, immediate upon commencement with this Employer Plan and while remaining members of the Employer Plan be an Australian Resident or holder of a Visa reside in Australia (unless the person is overseas as set out in the Policy) be working in an occupation that the Insurer does not class as an Excluded Occupation; and be aged less than the Maximum Benefit Entry Age on the day he or she is first eligible for cover (or if an application for cover is required, on the date that the eligible person applies for cover). Income Protection cover: To be eligible for Income Protection cover, a person must satisfy the eligibility criteria for Death and TPD cover (above). Furthermore, as at the date of disability, that person must have been Gainfully Employed for an average of at least 15 hours per week on a permanent basis (including an eligible contractor) over six months or more immediately prior to the date of disability. A person who is Gainfully Employed for at least 15 hours per week on a permanent basis (including an eligible contractor) and has worked for less than six months immediately prior to the date of disability, will also be eligible for Income Protection cover if he or she has been working an average of 15 hours per week since they first became covered. Automatic Acceptance of Default cover New Events cover (when not At Work) Automatic Acceptance Limits (AALs) for Default cover An eligible person may be automatically accepted for Default cover under the Policy up to the Automatic Acceptance Limit (refer below), without being required to give the Insurer evidence of good health, provided all of the following conditions are met: the eligible person is At Work with the Employer on: the Policy Start Date (or, if not a Normal Business Day, the last Normal Business Day before the Policy Start Date); or the day he or she first satisfies the eligibility criteria as confirmed by an At Work Certificate in the case of an eligible person meeting the eligibility criteria on a date after the Policy Start Date the eligible person satisfies any other terms that the Insurer may apply; and the eligible person must not be entitled to a payment of an insurance benefit or be in a waiting period for such a benefit. If an eligible person is not At Work as a result of an illness or injury on the relevant date detailed above in the Automatic Acceptance of Default cover section, they shall instead become an Insured Member for New Events cover only. New Events cover means the Insured Member will not be covered for any Pre-existing Condition. The Insured Member will only be covered for an illness which became apparent to the Insured Member, or any injury which occurred to the Insured Member, on or after the date that cover commenced, recommenced or increased (as applicable) under the Policy. When the Insured Member returns to their pre-disability duties (working the same hours and in the same capacity without limitation) he or she performed when she or he was last At Work, the Insured Member s New Events cover will cease. The Insured Member will be covered on the same basis as an Insured Member who was At Work on the relevant day. The Automatic Acceptance Limit is the amount for which the Insurer may accept a person for insured cover without application. The AALs applying are: Death cover: $1.25 million TPD cover: $1.25 million Income Protection cover: $16,000 per month ($192,000 per annum). 11

12 Does Default cover increase or decrease automatically? For Death and TPD cover: Yes, the Insured Member s amount of Default Death and TPD cover may automatically increase on the Review Date provided they are At Work. The Insured Member will not need to apply to the Insurer in writing if the increase in their Default cover amount is up to the lesser of: the Automatic Acceptance Limit (AAL); and 25% of the Insured Member s amount of Default cover, as determined immediately before the increase. Where an Insured Member seeks to have his or her amount of Default cover increase by more than 25% (for example, because their Salary has increased by more than 25%), the Insured Member will need to be underwritten for the cover in excess of the AAL by applying to the Insurer in writing and providing medical evidence (unless the Insurer has agreed to waiver this requirement). If an Insured Member has been forward underwritten to a Forward Underwriting Limit (refer below), then the Insurer may agree to accept increases in the amount of the Insured Member s Default cover up to the Forward Underwriting limit (without requiring the Insured Member to be underwritten for this increased amount of cover). The Insurer will only agree to a Forward Underwriting Limit in respect of an Insured Member, where they have underwritten and approved the Insured Member s application for cover or increased cover. The Insurer may impose lower Forward Underwriting Limits at their discretion. For Income Protection cover: Yes, provided the Insured Member is At Work, then their insured benefit may increase automatically on the Review Date. The Insured Member will not need to apply to the Insurer in writing if the increase in their insured benefit is up to the lesser of: the Automatic Acceptance Limit (AAL); and 25% of the Insured Member s insured benefit, as determined immediately before the increase. Where an Insured Member seeks to have his or her monthly benefit increase by more than 25% (for example, because their Salary has increased by more than 25%), the Insured Member will need to be underwritten for that part of the monthly benefit in excess of the AAL by applying to the Insurer in writing and providing medical evidence (unless the Insurer has agreed to waiver this requirement). If an Insured Member has been forward underwritten to a Forward Underwriting Limit, the Insurer may agree to accept increases in the Insured Member s insured benefit up to the Forward Underwriting Limit. This is provided that the increase in insured benefit is a result of the application of a formula used to calculate the Insured Member s amount of monthly benefit (refer to the Default cover (Benefit Design) section of the Appendix). Furthermore, this does not require the Insured Member to be underwritten for this increased amount of insured benefit. When does a Forward Underwriting Limit apply? Voluntary cover Is Voluntary cover available? The Insurer will only agree to a Forward Underwriting Limit in respect of an Insured Member when: the Insurer has underwritten and approved an Insured Member s application for cover or increased cover; and the Insurer has notified the Trustee in writing of the Forward Underwriting Limit, which may be up to a maximum monthly benefit level (however, the Insurer may impose lower Forward Underwriting Limits at their discretion). No 12

13 Death cover Is a Terminal Illness Benefit provided? What is the definition of Terminal Illness/ Terminally Ill? TPD cover When is a Total and Permanent Disablement (TPD) Benefit provided? for members taking up new TPD cover on or after 1 July 2014 Yes, a Terminal Illness Benefit is provided when an Insured Member is diagnosed as having a Terminal Illness (refer to the next page for this definition). The Terminal Illness Benefit payable in respect of an Insured Member is the lesser of: the Death Benefit; and $2.5 million. Where the Terminal Illness Benefit is less than the Death Benefit, the Death Benefit payable to the Insured Member will be reduced by the amount of the Terminal Illness Benefit paid. Reduced premiums in line with the reduced level of cover will also apply. Means the following conditions have been satisfied: the Insured Member suffers from an illness or injury; two Medical Practitioners (at least one of whom is a specialist practising in an area related to the illness or injury suffered by the Insured Member), have certified in writing either jointly or separately, that the illness or injury will, despite medical treatment, be likely to lead to the death of the Insured Member within 12 months from the date of such written certification (the certification period ); for each written certification, the certification period has not ended; and the written certification by both Medical Practitioners must be dated during the period the Insured Member is insured for Death cover under the Policy. Subject to the terms of the Policy, where an Insured Member is Gainfully Employed for an average of at least 15 hours per week on a permanent basis (including an eligible contractor) and has either: worked for at least six consecutive months or more immediately prior to the Event Date; or worked for less than six consecutive months immediately prior to the Event Date, a TPD Benefit will be provided if the Insured Member satisfies either Part 1, 2, 3, 4 or 5 of the Total and Permanent Disablement (TPD) definition (refer below). An Insured Member who has not worked at least 15 hours per week on a permanent basis immediately prior to the Event Date, will only be entitled to a TPD Benefit if the Insured Member satisfies either Part 2, 3, 4 or 5 of the TPD definition. An Insured Member aged 67 years or over as at the Event Date, however, must satisfy either Part 2, 3, 4 or 5 of the TPD definition to be eligible for a TPD Benefit. They are ineligible for Part 1 of the TPD definition. Total and Permanent Disablement, Total and Permanent Disability or Totally and Permanently Disabled means: Part 1 Unlikely to return to work If the Insured Member is Gainfully Employed when suffering an illness or injury and, as a result of that illness or injury, he or she is: totally unable to engage in any occupation, business, profession or employment for a period of six consecutive months; and determined by the Insurer at the end of that six month period and certified by at least two Medical Practitioners, to be permanently incapacitated to such an extent as to render him or her unlikely ever to engage in any gainful occupation, business profession or employment, for which he or she is reasonably suited by education, training or experience. OR Part 2 Permanent impairment If the Insured Member is Gainfully Employed when suffering an illness or injury and, as a result of that illness or injury, he or she: suffers a permanent impairment of at least 25% of whole person impairment as defined in the American Medical Association publication Guides to the Evaluation of Permanent Impairment, 4th edition, or an equivalent guide to impairment approved by the Insurer; and is disabled to such an extent, as a result of this impairment, that they are unlikely ever again to be able to engage in any occupation, business, profession, or employment for which they are reasonably suited by their education, training or experience and at least two Medical Practitioners certify that to be the case. 13

14 What is the definition of Total and Permanent Disablement (TPD) for members taking up new TPD cover on or after 1 July 2014 (continued) OR Part 3 Specific loss i. As a result of illness or injury, the Insured Member suffers the total and permanent loss of the use of either: two limbs (where limb is defined as the whole hand or the whole foot); the sight in both eyes; one limb and the sight in one eye, which is certified by at least two Medical Practitioners; and ii. the Insurer has determined that the Insured Member is permanently incapacitated to such an extent as to render him or her unlikely ever to engage in any gainful occupation, business, profession or employment, for which he or she is reasonably suited by education, training or experience. OR Part 4 Loss of Independent Existence i. As a result of the illness or injury, the Insured Member suffers Loss of Independent Existence and at least two Medical Practitioners have certified that to be the case; and ii. the Insurer has determined that the Insured Member is permanently incapacitated to such an extent as to render him or her unlikely ever to engage in any gainful occupation, business, profession or employment, for which he or she is reasonably suited by education, training or experience. OR Does TPD tapering apply? Part 5 Cognitive Loss i. As a result of illness or injury, the Insured Member suffers Cognitive Loss; and ii. the Insurer has determined that the Insured Member is permanently incapacitated to such an extent as to render him or her unlikely ever to engage in any gainful occupation, business, profession or employment, for which he or she is reasonably suited by education, training or experience. Yes, TPD tapering applies. This means an Insured Member s TPD cover will decrease by 20% per annum from the Insured Member s 65th birthday and reaches nil at the Benefit Expiry Age (refer below): Age Next Birthday (ANB) TPD cover % % 67 80% 68 60% 69 40% 70 20% 71 0% Income Protection (IP) cover What is the definition of Total Disability/ Totally Disabled What is the definition of Partial Disability/ Partially Disabled Total Disability/Totally Disabled means solely as a result of illness or injury, the Insured Member is: medically certified as being incapable of performing one or more duties of his or her usual occupation necessary to produce Income not engaged in any occupation; and following the advice of a Medical Practitioner in relation to their illness or injury for which they are claiming. Partial Disability/Partially Disabled means solely as a result of illness or injury, the Insured Member is: incapable of performing one or more duties of his or her usual occupation necessary to produce Income but has returned to work in their usual occupation or is working in another occupation and has a monthly Salary less than their Pre-Disability Salary; and following the advice of a Medical Practitioner in relation to the illness or injury for which they are claiming. 14

15 Which waiting period has the Employer selected? Total Disability Benefit 90 days. The Insurer will pay a disability benefit only after the end of the waiting period. During the waiting period, the Insured Member may return to work once to perform the normal duties of their occupation, for up to five consecutive days, without having to recommence the waiting period. If this happens, the Insurer will add the number of days of work to the waiting period. If the Insured Member returns to work, performing the normal duties of their occupation during the waiting period, on more than one occasion, the waiting period starts again. A separate waiting period applies for each separate illness or injury of the Insured Member which causes disability for which the Insured Member can claim under the Policy unless the Insured Member is claiming under the provisions of Recurring disablement. To be eligible for the Total Disability Benefit, the Insured Member must have been: Totally Disabled for at least 7 days out of the first 12 consecutive days of the waiting period continuously disabled for the balance of the waiting period; and at the expiry of the waiting period, Totally Disabled. The Insurer will pay the Trustee the monthly benefit during the benefit period when an Insured Member is Totally Disabled for longer than the waiting period (refer to the section directly above). The Total Disability Benefit starts to accrue from the day after the end of the waiting period. The monthly benefit payable to an Insured Member, is payable monthly in arrears and stops at the earlier of: the end of the benefit period the date the Insured Member attains the Benefit Expiry Age the death of the Insured Member the date the Insured Member is no longer Totally Disabled; and for an Insured Member on a Visa, the date the Insured Member s employment contract and/or Visa expires or is otherwise terminated, or the date the Insured Member permanently departs Australia. 15

16 Partial Disability Benefit To be eligible for the Partial Disability Benefit, the Insured Member must have been: Totally Disabled for at least 7 days out of the first 12 consecutive days of the waiting period disabled for the balance of the waiting period; and continuously disabled since the end of the waiting period. The Insurer will pay the Trustee a proportion of the monthly benefit during the benefit period when an Insured Member is Partially Disabled at the expiry of the waiting period. The Partial Disability Benefit starts to accrue from the day after the end of the waiting period. The proportion of the monthly benefit will be calculated as follows: (A B) C A where: A is the Insured Member s Pre-Disability Salary. B is the monthly Salary the Insured Member earns, or is capable of earning, for the month in which they are partially disabled. If the Insured Member is not working to their assessed capacity then B will be the amount they could expect to earn if they were. When the Insurer assesses capacity, consideration will be given to medical evidence, and other factors related to the Insured Member s condition. B must be less than the amount of A. If B is negative in a month, the Insurer will treat B as zero. C is the monthly benefit. The Partial Disability Benefit is payable monthly in arrears and stops being paid at the earlier of: the end of the benefit period the date the Insured Member attains the Benefit Expiry Age the death of the Insured Member the date the Insured Member is no longer Partially Disabled the date the Insured Member earns, or becomes capable of earning, a monthly salary equal to or greater than his or her Pre-disability Salary; and for an Insured Member on a Visa, the date the Insured Member s employment contract and/or Visa expires or is otherwise terminated, or the date the Insured Member permanently departs Australia. Benefit period Two years or to age 65. Death Benefit (for those in receipt of a disability benefit) Early Notification Incentive Benefit Return to work assistance If an Insured Member dies while a disability benefit is being paid in respect of them, the Insurer will pay the Trustee an amount equal to three times the Insured Member s monthly benefit. This is paid in the month immediately preceding his or her death. This is known as the Early Notification Incentive Benefit. The Insurer will pay the Trustee the Early Notification Incentive Benefit once during a claim period if the Insured Member: notifies the Insurer of their intention to make a claim to receive benefits under the Policy before the expiration of the waiting period; and provides to the Insurer the information required by the Insurer to establish the occurrence of the event giving rise to the claim no later than 30 days after the occurrence of the event. Where an Insured Member suffers a disability after the expiration of the waiting period, the Early Notification Incentive Benefit that the Insurer will pay the Trustee is 25% of the first month s disability benefit amount (or if this is for less than one month, a pro-rata amount for each day the Insured Member is disabled). The Early Notification Incentive Benefit does not apply to the Specific Injury Benefit. This benefit is paid in addition to any other benefit that becomes payable (with the exception of the Specific Injury Benefit) and only becomes payable at the expiration of the waiting period. Once the Insurer receives notice of an illness or injury which may give rise to a claim for a Total or Partial Disability Benefit, if the Insurer is of the opinion that participation in a return to work program may help an Insured Member return to work, the Insurer may pay some or all of the expenses incurred for participation in that program. The Insurer will pay only where the program expenses has been approved by the Insurer. Such payments will be made directly by the Insurer, for example, to a service provider. Any payment made under this section will be made at their discretion. 16

17 Recurring Disablement If the Insured Member was engaged in: Full-time work prior to a period of disability and then returns to Full-time work after such period of disability; or Part-time work prior to a period of disability and then returns to Full-time or Part-time work after such period of disability, and the Insured Member suffers a recurrence of the disability which was the cause of the earlier claim within six months of that earlier claim ending, and the Policy and the cover for the Insured Member is still current, the Insurer will consider the further claim to be a continuation of the earlier claim. This means that the waiting period will not apply again and the successive periods of disability will be regarded as the same benefit period. Workplace modification assistance When the Insurer won't pay If the Insured Member is receiving Total or Partial Disability Benefits and the Insurer agrees that his or her place of employment requires modification in order for him or her to return to work, the Insurer may pay all or some of the modification expenses to a service provider. The maximum payment is three times the Insured Member s monthly benefit, and any payments will be made at their discretion. A payment under this section may only be made once in respect of an Insured Member. Exclusions For Death and TPD: In the event of War in Australia, New Zealand or an Insured Member s country of residence, the Insurer may: offer increased premium rates (including during the Premium Rate Guarantee Period) exclude cover for any event caused directly or indirectly, wholly or partially, by War; and exclude cover if an Insured Member dies on War service. In effecting the Policy, the Trustee acknowledges that this exclusion means that a benefit may not be paid under the Policy in respect of an Insured Member who dies on War service. For IP: Benefit payments will not be made if the event giving rise to the claim is caused directly or indirectly, wholly or partially: by War, or act of War, in Australia, New Zealand or an Insured Member s country of residence by an Insured Member s intentional self-inflicted act if an Insured Member dies on War service; or by pregnancy, unless the Insured Member is disabled for more than three months after the end of the pregnancy, in which case the waiting period is deemed to start on the later of the date Total Disability begins and the end of the pregnancy. The Insurer may reduce or refuse to pay any benefits: while the Insured Member is imprisoned or on remand in a correctional or rehabilitation facility if the Trustee or the Insured Member do not comply with the Insurer s claim requirements; and where the Insurer has not received notice at the time an Insured Member s disability starts, to the extent their assessment or management of the Insured Member s claim is prejudiced. The Insurer cannot reimburse any expenses which: the Insurer is not permitted by law to reimburse; or are regulated by the National Health Act 1953 (Cth) or the Private Health Insurance Act 2007 (Cth). Pre-existing conditions An Insured Member who became covered for TPD cover under automatic acceptance or transfer terms is not covered for total and permanent disability that is caused directly or indirectly, wholly or partially, by a Pre-existing Condition if a similar benefit could be claimed by the Insured Member under another insurance policy. To the extent cover for an Insured Member for IP was accepted under automatic acceptance or transfer terms, any cover for a Pre-existing Condition is excluded if a similar benefit could be claimed (or could be claimed after a waiting period) in respect of the Insured Member under a policy from another insurer, or under another plan, at the time the cover for that Insured Member under the policy commenced. 17

18 When is the benefit reduced? For Death and TPD: The Insured Member s insured benefit may be reduced in the following situations: if, during the period of Extended cover an Insured Member becomes covered under a policy from another insurer providing similar benefits (the Subsequent Policy), the Insurer may reduce or refuse to pay any insured benefit which may become payable under the policy, by the amount of the similar benefit paid, or payable, in respect of him or her under the Subsequent Policy, if the death, terminal illness or total and permanent disability arose or occurred during the period of Extended cover if an Insured Member s sum insured is determined by a benefit formula that comprises a Superannuation Account Balance component and the Insured Member transfers all or part of his or her superannuation benefit to another fund under Portability Legislation, the Insured Member s insured benefit will be reduced by the amount of Superannuation Account Balance that was transferred to the superannuation fund; and if the Insurer issues the Policy, or a cover under the Policy, on the condition that it replaces insurance issued by another insurer and the insurance being replaced is not cancelled, the amount of any benefits paid under the Policy will be reduced by any benefits payable under the insurance that was replaced. For Income Protection: If the Insured Member s disability commences when the Insured Member is age 65 or older, the Insured Member s maximum monthly benefit level is reduced to the maximum monthly benefit level that corresponds to the Insured Member s age when disability commenced as set out in the table below, or 75% of the Insured Member s Salary, whichever is the lesser: Age at commencement of disability Max monthly payment 65 $10, $8, $6, $4, $2,000 The benefit otherwise payable in respect of an Insured Member is reduced in the following circumstances: the Total or Partial Disability Benefit is reduced by other amounts payable (including settlement or commutation amounts) in respect of the Insured Member: by way of compulsory insurance schemes such as Workers Compensation or Accident Compensation for loss of Income in respect of loss of Income (whether under legislation or otherwise) by way of any paid Parental Leave, where the Insured Member suffers disability during a period of Parental Leave; and as benefits under any other disability, illness or injury insurance policy (except for lump sum benefits received for total and permanent disablement under such insurance policy). Sick leave, annual leave, redundancy payments, long service leave entitlements and investment income received by the Insured Member are excluded. If a lump sum payment is received, with all or a part of that lump sum as a payment in compensation for loss of earnings that cannot be allocated to specific months, the Insurer will convert that part of the compensation for loss of earnings to Income on the basis of 1% of the loss of earnings component for each month that the Insurer pays the monthly benefit, for a maximum of eight years. The balance of the lump sum, if any, will not be offset. Benefit repayments For Death and TPD: Any insured benefit paid by the Insurer must be repaid by the Trustee to the extent that the insured benefit, or part of the insured benefit, was not payable under the terms of the Policy. For Income Protection: Any benefit paid by the Insurer must be repaid either: to the extent the Insurer was entitled to reduce the benefit paid, but did not do so for any reason; or to the extent that the benefit was paid in respect of an Insured Member, where all or part of the benefit was not payable under the terms of the Policy. 18

19 Overseas travel One benefit payable For Income Protection: If an Insured Member travels or resides overseas for a period in excess of six months whilst on claim, payment of any benefits by the Insurer will cease. Payments will resume only if entitlement is established during a period the Insured Member resides in Australia. For Income Protection: The Insurer pays one monthly benefit at a time, even if the Insured Member suffers more than one illness or injury. This applies to the Total Disability Benefit, Partial Disability Benefit and Specific Injury Benefit. Insurance fees Insurance fees payable Insurance fee waiver while receiving a Total Disability or Partial Disability Benefit? When can the Insurer vary amounts payable under the Policy? See the Insurance Fee Schedule. You should note that the Insurance fees (premium rates) for Income Protection cover contained in the table on page 27 of the Insurance Fee Schedule: the to age 65 benefit period rates apply to the portion of the Insured Member s monthly benefit up to $30,000; and for the 2 year benefit period rates apply to the portion of Insured Member s monthly benefit in excess of $30,000. Refer to the Default cover (Benefit Design) section on page 10 for details on how the monthly benefit is calculated. The Insurer will waive the payment of the premium in respect of an Insured Member receiving a Total Disability or Partial Disability Benefit. For Death and TPD: The Insurer calculates the premium using the premium rates shown in the premium rate schedule. The Insurer can change the premium rates or the minimum annual premium either: at expiration of the Premium Rate Guarantee Period or any time after the Review Date at any time in the event of War in Australia, New Zealand or an Insured Member s country of residence at any time if any aspect of the Insured Members profile changes; or if there is a change in any government charge, licence fee, tax or any other impost that is directly attributable to the Policy. When does cover cease? For Income Protection: The Insurer calculates the premium using the premium rates shown in the premium rate schedule. The Insurer can change the premium rates or the minimum annual premium either: at expiration of the Premium Rate Guarantee Period or any time after the Review Date at any time in the event of War in Australia, New Zealand or an Insured Member s country of residence at any time if any aspect of the Insured Members profile changes; or if there is a change in any government charge, licence fee, tax or any other impost that is directly attributable to the Policy. When does cover end? For Death and TPD cover: An Insured Member s cover will end and the Insurer s liability to pay any insured benefit under the Policy will cease automatically on the earlier of: the date the Policy ends the date the Insurer receives written notification from the Insured Member to cancel the cover the date the Insured Member who is not an Australian Resident is no longer permanently in Australia, or not eligible to work in Australia (whether that is because they no longer hold a Visa or for any other reason) the date the Insured Member reaches the Benefit Expiry Age the date the Insurer cancels and/or avoids the Policy, or cover in respect of an Insured Member, in accordance with their legal rights the date the Insurer cancels and/or avoids the Policy, or cover in respect of an Insured Member, because the Trustee has not paid the premium when due 19

20 20 When does cover end? (continued) the date the Insured Member commences Active Service with the armed forces of any country (except where the Insured Member is a member of the Australian Defence Force Reserves, in which case, cover for all benefits will cease only when the Reservist becomes the subject of a call out order under the Defence Act 1903 (Cth) the date the Insured Member dies the date a TPD Benefit is paid under the Policy in respect of the Insured Member the date the Insured Member is paid a Terminal Illness Benefit which is equal to the amount of the Death Benefit in respect of that Insured Member the date the Insured Member permanently retires from employment (TPD cover only, Death cover may continue) when the Insured Member ceases to meet the eligibility criteria when the Insured Member is on leave for longer than the Insurer has agreed to provide cover for when the Insured Member is employed overseas for longer than the Insurer has agreed to provide cover for; and the date the Policy is terminated. If the Policy terminates and the Insured Member is not At Work due to illness or injury, the Insured Member will continue to have TPD cover under the Policy until the earlier of: the date the Insured Member returns to the pre-disability duties (working the same hours and in the same capacity without limitation) they performed when they were last At Work, free from any limitation due to illness or injury and they are not entitled to receive income support benefits (including Government income support benefits) of any kind the date a TPD Benefit is paid in respect of the Insured Member the date the Insured Member attains the Benefit Expiry Age the date the Insurer make a determination in respect the Insured Member s TPD claim; and the date the Insured Member dies. For Income Protection cover: Cover for an Insured Member will end and the Insurer s liability to pay any benefit under the Policy will cease automatically on the earlier of: the date the Policy ends the date the Insurer receives written notification from the Insured Member to cancel the cover the date the Insured Member who is not an Australian Resident is not eligible to work in Australia (whether that is because they no longer hold a Visa or for any other reason) in relation to an Insured Member who ceases to satisfy the eligibility criteria, the date as set out in the Policy the date the Insured Member reaches the Benefit Expiry Age the date the Insurer cancels and/or avoid the Policy, or cover in respect of an Insured Member, in accordance with their legal rights the date the Insurer cancels and/or avoids the Policy, or cover in respect of an Insured Member, because the Trustee has not paid the premium when due the date the Insured Member commences Active Service with the armed forces of any country (except where the Insured Member is a member of the Australian Defence Force Reserves, in which case, cover for all benefits will cease only when the Reservist becomes the subject of a call out order under the Defence Act 1903 (Cth)) the date the Insured Member dies the date the Insured Member permanently retires from employment the date the Insured Member is on leave for a period longer than the Insurer has agreed to provide cover under the Policy from the date the Insured Member works overseas for a period longer than the Insurer has agreed to provide cover for under the Policy; and from the date the Policy is terminated. If the Policy terminates and the Insured Member is not At Work due to illness or injury, the Insured Member will continue to have cover under the Policy until the earlier of: the date the Insured Member returns to the pre-disability duties (working the same hours and in the same capacity without limitation) they performed when they were last At Work, free from any limitation due to illness or injury and they are not entitled to receive income support benefits (including Government income support benefits) of any kind the date the Insurer makes a determination in respect of the Insured Member s disability claim the date the Insured Member attains the Benefit Expiry age; and the date the Insured Member dies.

21 What happens when an employee leaves their Employer? Is a Continuation Option available? For Death and TPD: If an Insured Member s cover ends because he or she no longer satisfies the eligibility criteria due to the cessation of gainful employment with a participating employer, the Insured Member has the option to apply for an individual policy with the Insurer on his or her life for Death cover equal to, or less than, the Death Benefit provided for in the Policy. The Insurer will not require the Insured Member to provide medical evidence, however, to exercise the Continuation Option the person must: be 60 years of age or less apply in writing by completing an application for the individual policy within 60 days of the date he or she ceases to be an eligible person as a result of ceasing gainful employment with a participating employer be an Australian Resident or holder of a Visa and not residing outside Australia provide any information the Insurer considers relevant that does not relate to medical information acknowledge that any restrictions, limitations or loadings under the existing Policy will apply to new individual policy; and must not be eligible to receive, or have received, benefits under the Policy or any other policy issued by an insurer providing any similar benefits. If the Policy terminates or is transferred a Continuation Option will not be available to any Insured Member under the Policy. This includes the circumstance where the Policy is terminated and replaced as a result of a successor fund transfer. If an Insured Member s cover ends because he or she no longer satisfies the eligibility criteria due to the cessation of Gainful Employment with a participating employer, the Insured Member has the option to apply for an individual policy with the Insurer on his or her life for TPD cover equal to, or less than, the TPD Benefit provided by the Policy. To exercise the TPD cover Continuation Option, the Insured Member must satisfy the conditions that apply to a Death cover Continuation Option. In addition, the Insured Member must be engaged in an occupation which is not an Excluded Occupation under the individual policy and working the minimum hours required under the individual policy. If the person s application is accepted by the Insurer, cover under the individual policy commences in accordance with the terms of that policy. The premium rate under the individual policy may be more than under the Policy, and any restrictions, limitations and premium loadings that applied under the Policy will apply under the individual policy. The individual policy issued will be OnePath Life s OneCare policy with no options added. If the OneCare policy is no longer available, the policy issued will be the individual policy available at that time that the Insurer deems provides the same or similar benefits. 21

22 Is a Continuation Option available? (continued) Additional features Cover during paid and unpaid leave For Income Protection: If an Insured Member s cover ends because he or she no longer satisfies the eligibility criteria (due to the cessation of Gainful Employment with the Employer), the Insured Member has the option to apply for a continuation option within 60 days of the date his or her cover ceased. The Insured Member may apply for an individual indemnity policy with the insurer on his or her life with a waiting period, benefit period and monthly benefit which are no more favourable than those which applied for that Insured Member under this Policy. The monthly benefit under the individual policy will be for a maximum of 75% of the person s new Salary from his or her gainful occupation, unless the insured benefit under this Policy is based on a percentage less than 75%, in which case the maximum shall be that percentage. The monthly benefit is based on the average monthly earnings for the 12 months immediately prior to claim, or the nominated insured amount, whichever is the lesser. The Insurer will not require medical evidence to be provided but to exercise the Continuation Option, the Insured Member must: apply in writing by completing an application for the individual policy within 60 days from the date he or she ceases to be an eligible person under the Policy as a result of ceasing Gainful Employment with the Employer be 60 years of age or less provide any information the Insurer consider relevant (that does not relate to medical information) be an Australian Resident or holder of a Visa and not be residing outside Australia acknowledge that any restrictions, limitations or loadings that apply to the Insured Member s cover under this Policy will apply to the new policy apply for an Indemnity contract only be engaged in a new occupation which is acceptable as an insurable occupation under the new contract and working the number of hours required under the new contract; and not be eligible to receive benefits under this Policy or any other policy issued by the insurer with similar benefits nor any former policy that this Policy replaced under transfer terms. If Insured Member is receiving or is eligible to receive a benefit payment under this Policy, then the Insurer will not issue a Continuation Option in respect of that Insured Member. If this Policy terminates or is transferred, a Continuation Option will not be available to any Insured Member under this Policy. For Death and TPD cover: An Insured Member is covered under the Policy for a period of up to 24 months while on paid or unpaid leave (including Parental Leave), subject to all of the following conditions being met: the premium in respect of the Insured Member must continue to be paid during the period of leave the Insured Member s Employer must approve the period of leave, prior to the Insured Member commencing leave the identity of Insured Members on unpaid or paid leave and the number of Insured Members on such leave must be provided to the Insurer when requested and at least annually with the member information; and the Insured Member s employer must hold appropriate leave records in respect of that Insured Member that includes: the date the paid or unpaid leave is to commence the date the Insured Member is expected to return to work. These records must be provided to the Insurer upon request. Prior notification to the Insurer of the unpaid or paid leave is not required. If cover for an Insured Member on paid or unpaid leave is required beyond 24 months, an application in writing is required prior to the expiration of the 24 months. For Income Protection cover: For Insured Members who suffer a disability during a period of unpaid or unpaid leave, the monthly benefit payable will be based on the Salary advised to the Insurer at the last Review Date immediately prior to the commencement of the paid or unpaid leave. 22

23 Cover during overseas employment Escalation benefit Extended cover An Insured Member who is an Australian Resident and who is working overseas will be provided with cover under the Policy whilst working overseas for a period of up to five years. The Trustee does not need to seek the Insurer s prior consent for the Insured Member s travel. Cover is subject to the following conditions: the Insurer reserves the right to impose conditions on the cover, and review cover, at the end of the Premium Rate Guarantee Period, or if there is no Premium Rate Guarantee Period, at the Review Date. If the Insurer imposes such terms the Insurer will do so in writing; and any details regarding the location of Insured Members residing overseas must be provided to the Insurer upon request and at least annually with the member information at the Review Date. If cover is required for an Insured Member beyond five years, an application in writing is required prior to the expiration of the five years. The five years commences on the date the Insured Member leaves Australia. The obligation is upon the Trustee to retain records regarding the duration of time, the number and the location of Insured Members working overseas and provide these to the Insurer, upon request. Non-Australian Residents are eligible for cover whilst they reside in Australia if they are eligible to work in Australia and hold a Visa. Cover in respect of an Insured Member who is a non-australian Resident will cease upon his or her departure from Australia unless the overseas trip is for three months or less. If 12 months after a Total or Partial Disability Benefit has been continuously paid in respect of an Insured Member, the monthly benefit applying at the date the Insured Member first ceased work due to the illness or injury giving rise to the disability will be increased by the lesser of the annual CPI increase and the escalation factor. The adjusted benefit will be similarly increased at each 12 month anniversary of the date the Insured Member first received disability benefits from the Insurer. If an Insured Member is disabled at the end of the nominated payment period during which a Specific Injury Benefit was paid in respect of that Insured Member, and the Escalation Benefit applies, the first 12 month period before the monthly benefit is escalated in accordance with this section is taken to begin from the start of the nominated payment period. At the end of the claim period, the monthly benefit reverts to the amount which it was before this section applied. Subject to the terms of the Policy, the Insurer will provide Death cover and TPD cover (if applicable) to an Insured Member for a maximum of 60 days after the date they cease to meet the eligibility criteria subject to the following conditions: as at the date the Insured Member ceased to meet the eligibility criteria, the Insured Member had not received, nor was entitled to receive, a benefit under the Policy, nor was the Insured Member in a waiting period for such a benefit; and the Extended cover will cease on the earlier of: the date the Insured Member reaches the Benefit Expiry Age 60 days after the date the Insured Member ceases to meet the eligibility criteria the date cover for the Insured Member commences under a retail policy of insurance issued by the Insurer; and the date the Insured Member commences employment with a new employer or commences working as a contractor. 23

24 DEFINITIONS Accident means a fortuitous, external event which was unexpected and unintended causing death and or injury. However, the following situations are not Accidents and any claims arising from these situations are excluded: one of the contributing causes of death or injury was any of the following conditions: illness disease allergy any gradual onset of a physical or mental infirmity. the injury or death, which was unintended and unexpected, was the result of an intentional act or omission; or the Insured Member was injured or died as a result of an activity in respect of which they assumed the risk or courted disaster, irrespective of whether he or she intended injury or death. Active Service means an Insured Member s occupation as part of a military force (including without limitation the Defence Force, the army, the navy, the air force or like). Reserve duty is excluded. Activity/Activities of Daily Living means: bathing and/or showering dressing and undressing eating and drinking using a toilet to maintain personal hygiene getting in and out of bed, a chair or wheelchair, or moving from place to place by walking, wheelchair or with assistance of a walking aid. At Work means the Insured Member is: actively performing all the duties of his or her usual occupation working his or her usual hours free from any limitation due to illness or injury; and is not in receipt of and/or entitled to claim income support benefits from any source including workers compensation benefits, statutory motor accident benefits or disability income benefits (including government income support benefits). An Insured Member who does not meet these requirements is correspondingly described as not At Work. At Work Certificate means the form in which the Trustee certifies those eligible persons who were At Work and not At Work on the requisite date. Australian Resident means an Australian citizen or a New Zealand citizen living in Australia on a permanent basis. Benefit Expiry Age means the age at which cover ceases, being 65 for Income Protection cover and 70 years old for Death cover and TPD cover. Cognitive Loss means the Insurer has determined a total and permanent deterioration or loss of intellectual capacity that has required the Insured Member to be under continuous care and supervision by another adult person for at least six consecutive months and, at the end of that six month period, they are likely to require ongoing continual care and supervision by another adult person, provided at least two Medical Practitioners have certified that to be the case. Death Benefit is the amount applying to the Insured Member by reference to the Policy Schedule or the Decision Note as at the Insured Member s date of death. Decision Note means the document the Insurer issues in respect of an Insured Member when that Insured Member s application for cover, an increase in cover, or variation in cover has been accepted by the Insurer, setting out details of the following: the type and level of insured benefits provided for that Insured Member the date the cover starts or an increase in cover starts; and any special conditions applying. Event Date means in relation to an Insured Member: i. who claims a TPD Benefit under Part 1 of the Total and Permanent Disablement (TPD) definition the first day of the six consecutive month period (or any lesser period agreed by the Insurer) that the Insured Member is totally and continuously unable to engage in any occupation, business, profession or employment that results in a claim for total and permanent disablement by the Insured Member ii. who claims a TPD Benefit under Part 2 of the Total and Permanent Disablement (TPD) definition the date on which the Insured Member suffers a permanent impairment of at least 25% of whole person function as described in the American Medical Association s publication Guides to the Evaluation of Permanent impairment, 4th edition, or an equivalent guide to impairment approved by the Insurer, that results in the Insured Member s Total and Permanent Disablement iii. who claims a TPD Benefit under Part 3 of the Total and Permanent Disablement (TPD) definition the date on which the Insured Member suffers a Loss Of Independent Existence iv. who claims a TPD Benefit under Part 4 of the Total and Permanent Disablement (TPD) definition the date the Insured Member suffers the loss of the use of two limbs (where limb is defined as the whole hand or the whole foot), the sight in both eyes, or the sight in one eye and the use of one limb; or v. who claims a TPD Benefit under Part 5 of the Total and Permanent Disablement (TPD) definition the date on which the Insured Member suffers a total and permanent deterioration or loss of intellectual capacity that results in the Insured Member s Total and Permanent Disablement. 24

25 Excluded Occupation means an occupation which is generally classified by the Insurer as higher risk and is an occupation for which cover is not available under the Policy. Forward Underwriting Limit means the amount up to which the Insurer will accept future increases in the insured benefits, without further application from an Insured Member. Full-time means a person is performing all the normal duties of his or her occupation and is working at least 30 hours per week. Gainfully Employed/Gainful Employment means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. Income refer to the definition of Salary. Insured Member refers to a person who is covered by the Policy and is a member of a complying superannuation fund. Loss of Independent Existence means a condition whereby the Insurer has determined the Insured Member is totally and irreversibly unable to perform at least two of the five Activities of Daily Living without the assistance of another adult person. Maximum Benefit Entry Age means 69 years of age for Death cover and 64 years of age for Total and Permanent Disablement cover and Income Protection cover. Medical Practitioner means a registered and qualified medical practitioner in Australia, or another country as approved by the Insurer, who is not the Insured Member or the Trustee and not related to the relevant Insured Member. Normal Business Day means any day which is not a weekend or a public holiday on which an Insured Member s Trustee normally operates. Parental Leave includes maternity leave, paternity leave and/or adoption leave. Partial Disablity/Partially Disabled means solely as a result of illness or injury, the Insured Member is: incapable of performing one or more duties of his or her usual occupation necessary to produce Income but has returned to work in their usual occupation or is working in another occupation and has a monthly Salary less than their Pre-disability Salary; and following the advice of a Medical practitioner in relation to the illness or injury for which they are claiming. Part-time means a person is performing all the normal duties of his or her occupation and is working at least 15 hours per week, but less than 30 hours per week. Policy means the insurance policy document, the Proposal, each application for cover and associated documentation from an Insured Member or eligible person, the Policy Schedule, any notices issued or received by the Insurer under the Policy, the Decision Note and any written variation of the Policy. Policy Start Date means 1 January Portability Legislation means the legislation as outlined in the Superannuation Industry (Supervision) Amendment Regulations 2003 (no. 5, 251) or any present or future law of the Commonwealth of Australia or any state or territory which the Insurer may determine to be relevant law for the purpose of the Policy. Pre-disability Salary means the total monthly value of Salary received by the Insured Member fromhis or her usual occupation, averaged over the lesser of: the 12 month period immediately prior to the Insured Member becoming disabled; and the actual period of work (provided the period of work occurred in the 12 month period preceding the incurred date of claim) if less than 12 months. Pre-existing Condition means an injury that first occurred, or an illness which first became apparent, to the Insured Member, or any directly or indirectly related condition, before the date cover in respect of that Insured Member commenced, recommenced or increased. Premium Rate Guarantee Period means 3 years from 1 January Review Date means 1 July each year, beginning 1 July Salary or income means where the Insured Member is employed, the total remuneration package of base salary plus superannuation plus car allowance. Superannuation Account Balance means the dollar value of the accumulation fund maintained by the Trustee in respect of an Insured Member. Total Disability/Totally Disabled means solely as a result of illness or injury, the Insured Member is: medically certified as being incapable of performing one or more duties of his or her usual occupation necessary to produce income not engaged in any occupation and following the advice of a Medical Practitioner in relation to their illness or injury for which they are claiming. Total and Permanent Disablement/Total and Permanent Disability/Totally and Permanently Disabled refer to the TPD cover section of the Appendix for these definitions. Visa means a current and valid Visa issued in accordance with the Migration Act 1958 (Cth) or any amending or replacing Act which enables an eligible person or Insured Member to work in Australia. War or War Service includes but is not limited to: declared War, and armed aggression by one or more countries resisted by any country, combination of countries or international organisations; and participation in an action to defend a country or region from civil disturbance or insurrection, or in an effort to maintain peace in a country or region. 25

26 INSURANCE FEE SCHEDULE HOW TO CALCULATE YOUR ANNUAL INSURANCE FEE PREMIUM DEATH ONLY OR DEATH AND TPD COVER The premium you pay for Death only or Death and TPD cover is dependent on your age (as at 1 July, or on the effective date of any change to your level of insurance cover), gender, type of cover, and amount of cover. The following formula shows how to calculate an annual Insurance fee using the relevant premium rates from the table below. Premium rate sum insured 1,000 = annual Insurance fee The cost of your insurance cover may differ to the premium rates shown in the table below as the rates that will apply to you may be affected by medical or other loadings applied by the Insurer and are indicative only. The premium rates shown are inclusive of any applicable taxes and other fees that may be charged. For example: John has $300,000 of Default Death and TPD cover. At 30 June 2017, John is 38 years old. His next Birthday is on 1 May 2018, at which time he will be 39. As John s Age Next birthday is 39, the applicable Insurance fees for his cover will be: Death: $0.38 TPD: $0.44 As his level of cover is $300,000, the annual Insurance fee that he will pay is: [$300,000 ( )] 1,000 = $246 INSURANCE FEE TABLE FOR DEFAULT DEATH ONLY COVER AND DEATH AND TPD COVER PER $1000 OF SUM INSURED Age Next Birthday Death TPD Male Female Male Female Age Next Birthday Death TPD Male Female Male Female

27 HOW TO CALCULATE YOUR ANNUAL INSURANCE FEE (PREMIUM) INCOME PROTECTION COVER The premium you pay for Income Protection cover is dependent upon your age (as at 1 July, or on the effective date of any change to your level of insurance cover), gender, Salary*, waiting period and benefit period applying. The premium rates in the table below for the to age 65 benefit period applies to the portion of your monthly benefit up to $30,000. Furthermore, the premium rates in the table below for the 2 year benefit period applies to the portion of your monthly benefit over $30,000. Refer to the Default cover (Benefit Design) section on page 10 for details on how your monthly benefit is calculated. The following formula shows how to calculate an annual premium using the relevant premium rates from the table below. Premium rate (75% Annual Salary) 100 = annual Insurance fee The cost of your insurance cover may differ to the premium rates shown in the table below as the rates that will apply to you may be affected by medical or other loadings applied by the Insurer and are indicative only. The premium rates shown are inclusive of any applicable taxes that may be charged. For example: John s annual Salary* is $100,000 at 30 June John is 38 years old. His next birthday is on 1 May 2018, at which time he will be 39. The benefit design for John s Plan has a 90 day Waiting Period. His calculated monthly benefit is $6,250 (i.e. 1/12 of 75% of his salary of $100,000) which means the rates for the to age 65 benefit period applies. As John s Age Next Birthday is 39, the applicable Insurance fee for his cover will be: ANB premium rate = (75% 100,000) 100 = $450 The annual Insurance fee that he will pay is: $450 * Refer to Salary or Income in the definitions section for information on what constitutes your annual Salary. INSURANCE FEE TABLE FOR DEFAULT INCOME PROTECTION 90 DAY WAITING PERIOD PER $100 OF ANNUAL BENEFIT Age Next Birthday 2 year benefit period to age 65 benefit period Male Female Male Female Age Next Birthday 2 year benefit period to age 65 benefit period Male Female Male Female

28 28 This page has been left intentionally blank.

29 This page has been left intentionally blank. 29

30 30 This page has been left intentionally blank.

31 If you d like more information, please feel free to contact us: weekdays between 8.30am and 8pm (AEST) corporatesuper@anz.com anz.com/smartchoicesuper

32 anz.com/smartchoicesuper Australia and New Zealand Banking Group Limited (ANZ) ABN _A3502/0318